Order Types, etc.
Osaka Exchange
Order Types
| Order Types | Outline | Example |
|
An order submitted with a specified limit price and to be executed at the specified price or better price. |  |
|
An order submitted without the specified limit price and to be executed against the best bid or the best offer in order.* | |
- The unfilled part of a market order cannot be stored on the order book (the unfilled part is forced to be cancelled).
Conditions for Validity Period and Executed Volume
It is required to specify any of the following conditions at the submission of an order.
| Conditions | Outline |
| Good for Day (GFD) | Valid until the end of the Day Session of the day (or, until the end of the Night Session if the order is submitted at the Night Session.). |
| Good till Date/ Good till Cancel (GTD/GTC) | Valid until the end of the Day Session on the date the specified period ends. Selectable from either GTD (valid until the end of the day session on the date the specified period ends) or GTC (valid until the cancellation. (If not cancelled, it is valid until the end of the day session on the last trading day.)). |
| Fill and Kill (FAK) | In the case where there is unfilled volume after the order is partially executed, cancel the unfilled volume. |
| Fill or Kill (FOK) | In the case where all the volume is not executed immediately, cancel all the volume. |
(Note)
- ･For the handling of GTC/GTD orders around derivatives holiday trading days, please refer to "Holiday Trading".
Period Allowed for Submitting Order by each Order Type and Condition for Execution
| Order Types | Order Acceptance Period before Itayose | Zaraba | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GFD | GTD | GTC | FAK | FOK | GFD | GTD | GTC | FAK | FOK | |
|
A | A | A | A | NA | A | A | A | A | A |
|
NA | NA | NA | A | NA | NA | NA | NA | A | A |
(Note)
- ･"A" = "available" "NA" = "not available"
- ･Market Order is not Available in case of Nikkei 225 Dividend Index Futures.
For Strategy trades
| Order Types | Order Acceptance Period before Itayose | Zaraba | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GFD | GTD | GTC | FAK | FOK | GFD | GTD | GTC | FAK | FOK | |
|
A | A | A | A | NA | A | A | A | A | A |
|
NA | NA | NA | A | NA | NA | NA | NA | A | A |
(Note)
- ･"A" = "available" "NA" = "not available"
- ･Market Order is not Available in case of Nikkei 225 Dividend Index Futures.
Orders with closing conditions
Orders with closing conditions are available. Such orders are registered to the order book for a pre-closing session.
Please note the following points.
- Investors must specify the pre-closing session. Please note that the available pre-closing sessions vary depending on the product.
- The validity period of the order in the closing session will be based on that of the order with closing condition.
- During a trading halt, orders with closing conditions will not be registered to order book even if it is in the nearest pre-closing session. In this case, orders with closing conditions with FAK or GFD will expire at the end of the session. If used with GTD/GTC, any remaining validity period will be carried over to the next day.
- Closing condition orders that are sent during the pre-closing session, excluding NCP, converts immediately upon order acceptance.
Actual conditions available to investors depends on the broker. Please consult your broker for more information.
Strategy Trading
Calendar Spreads and Inter-Commodity Spreads are available.
(Note)
- ･Strategy trading is not available during closing auction.
Calendar Spreads
Tick Size / Combinations
| Products | Tick Size | Combinations | |
|---|---|---|---|
| Japanese Indices | TOPIX Futures | 0.1 pt |
|
| RN Prime Index Futures | JPX-Nikkei 400 Futures | 1 pt | |
| JPX Prime 150 Index Futures | 0.1 pt | ||
| TSE Growth Market 250 Index Futures | 0.5 pt | ||
| Nikkei 225 Futures | JPY 1 | ||
| Nikkei 225 mini |
|
||
| Nikkei 225 micro Futures |
|
||
| mini-TOPIX Futures | 0.05 pt |
|
|
| TOPIX Core30 Futures | 0.1 pt | ||
| TOPIX Banks Index Futures | |||
| S&P/JPX 500 ESG Score Tilted Index Futures | |||
| FTSE JPX Net Zero Japan 500 Index Futures | |||
| Nikkei 225 Climate Change 1.5℃ Target Index Futures | JPY 1 | ||
| REIT Indices | TSE REIT Index Futures | 0.1 pt | |
| Overseas Indices | DJIA Futures | 1 pt |
|
| FTSE China 50 Index Futures | |||
| TAIEX Futures |
|
||
| Volatility Indices | Nikkei 225 VI Futers | 0.01 pt |
|
| Dividend Indices | Nikkei 225 Dividend Index Futures | JPY 0.1 |
|
| Bond | 5-year JGB Futures | JPY 0.01 |
|
| 10-year JGB Futures | |||
| mini 20-year JGB Futures | |||
| mini 10-year JGB Futures (cash-settled) | JPY 0.005 | ||
| Interest Rate | 3-Month TONA Futures | 0.0025 pt |
※Combinations of all contract |
| Commodities | Gold Standard Futures | JPY 1 |
※Combinations of all contract |
| Platinum Standard Futures | |||
| Palladium Futures | |||
| Silver Futures | JPY 0.1 | ||
| Gold Mini Futures | JPY 0.5 | ||
| Platinum Mini Futures | |||
| CME Group Petroleum Index Futures | 0.01 pt | ||
| Soybean Futures | JPY 10 | ||
| Azuki (Red Bean) Futures | |||
| Corn Futures | |||
| RSS3 Rubber Futures | JPY 0.1 |
※Combinations of all contract |
|
| TSR20 Rubber Futures | |||
(Note)
- ･For Silver Futures and Palladium Futures, the combination between contract months with the same contract unit is available.
Transaction Effected by Strategy Order / Price of Strategy Order
| Products | Transaction Effected by Strategy Buy Order | Strategy Price |
| Index Futures/ CME Group Petroleum Index Futures |
Sell 1 unit of a nearer contract month and buy 1 unit of a farther contract month |
Price of the farther contract month - Price of the nearer contract month |
| JGB Futures/ Interest Rate Futures/ Commodity Futures |
Buy 1 unit of a nearer contract month and sell 1 unit of a farther contract month |
Price of the nearer contact month - Price of the farther contract month |
Inter-Commodity Spreads
| Products | Contract Unit | Transaction Effected by Strategy Buy Order | Strategy Price |
| Gold Mini Futures Platinum Mini Futures 1 |
100g | Buy 1 unit of Gold Mini Futures and sell 1 unit of Platinum Mini Futures | Price of Gold Mini Futures - Price of Platinum Mini Futures |
| Gold Rolling-Spot Futures Platinum Rolling-Spot Futures |
100g | Buy 1 unit of Gold Rolling-Spot Futures and sell 1 unit of Platinum Rolling-Spot Futures | Price of Gold Rolling-Spot Futures - Price of Platinum Rolling-Spot Futures |
| RSS3 Rubber Futures TSR20 Rubber Futures 2 |
5,000kg | Buy 1 unit of RSS3 Rubber Futures and sell 1 unit of TSR20 Rubber Futures | Price of RSS3 Rubber Futures - Price of TSR20 Rubber Futures |
- limited to combinations of the same contract months.
- limited to combinations of the contract month (N-1) of RSS3 Rubber Futures and the contract month (N) of TSR20 Rubber Futures.